As we announced on June 2, 2004, Ube Industries,Ltd. (President: Kazumasa Tsunemi) and Maruzen Petrochemical Co. (President: Mineo Ono) have formed a 50-50 joint venture, Ube Maruzen Polyethylene; the new company opens for business on October 1, as scheduled.
The new company inherits the low-density polyethylene manufacturing and sales business spun off from Ube Industries; Maruzen has taken a 50% stake in the new company.
As a member of the Maruzen Petrochemical complex in Chiba, Ube Industries manufactured and sold low-density polyethylene at its Chiba petrochemical plant. The decision to form a cooperative alliance in this business was based on the judgment that the best interests of the continued development of the business would be served by a merger with Maruzen Petrochemical, which supplies the basic raw material ethylene, and that this would assist Maruzen Petrochemical, as an olefin center company, and achieve its aims to strengthen its foundation as an integrated petrochemical complex by supporting and strengthening its business in related products.
The president of the new company is Kikuo Kanda (currently head of Ube's polyethylene business unit). The new company comprises all necessary functions in manufacturing, sales and technology, enabling it to respond swiftly to user needs. It aims to achieve profitability improvements totaling at least ¥1.0 billion, further improvements in management efficiency, and enhanced competitiveness in its business.
| Name | UBE-MARUZEN POLYETHYLENE CO.,LTD. |
|---|---|
| Address | 1-2-1 Shibaura, Minato-ku, Tokyo |
| Description of business | Production, sales and development of low-density polyethylene and super polyethylene (SPE = metallocenes) |
| Start of business | October 1, 2004 |
| Capital | ¥490 million |
| Relative shares | Ube Industries 50%, Maruzen Petrochemical 50% |
| Sales | ¥19.1 billion (FY2003, actual) |
| Production capacity | Low-density polyethylene 147,000 tons per year Super polyethylene 50,000 tons per year |
| Executive | Kikuo Kanda (President) |
| Employees | About 100 |
